Top Facts You Didn’t Know About Oxygen Therapy market & Impact of COVID-19

commentaires · 8 Vues

Oxygen Therapy market to Eyewitness Huge Marginal Growth by 2030

San Francisco, 22 March 2024: The Report Oxygen Therapy Market Size, Share & Trends Analysis Report By Product (Oxygen Source Equipment, Oxygen Delivery Devices), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global oxygen therapy market size is expected to reach USD 54.1 billion by 2030, according to a new report by Grand View Research Inc., expanding at a CAGR of 6.51% from 2023 to 2030. The increasing prevalence of major respiratory diseases, such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and obstructive sleep apnea, is a high-impact rendering driver of the market. As per the estimates of the WHO, a consequential global rise in the prevalence of asthma and other respiratory disorders is expected to heighten clinical urgency to treat the aforementioned disorders and is expected to boost the demand for oxygen therapy as the first-line treatment and as a supplement in various applications.

Moreover, technological advancements are anticipated to provide growth opportunities in a wide range of new applications such as cancer and diabetes. For instance, incorporation of flow sensors in delivery devices to conserve and regulate the flow enables greater patient comfort and outcomes. Furthermore, the increasing focus on home healthcare solutions, coupled with the development of portable delivery devices, is significantly impacting industry growth. These aforementioned factors are expected to serve as key factors contributing to the growth of the market over the forecast period.

The Covid-19 pandemic has positively impacted the market for O2 therapy devices. Due to the outbreak, oxygen demand has increased significantly, especially during the spikes in patients at hospitals suffering from Covid-19. Additionally, pressure on oxygen supplies at hospitals has been caused by a large number of Covid-19 patients. Therefore, the demand for O2 therapy devices in the healthcare sector has increased and will continue to increase significantly in the near future. The governments of various countries are focusing on expanding healthcare facilities in rural areas. With the upcoming infrastructural projects, the demand for medical O2 is expected to increase substantially.

Increasing incidence of chronic respiratory diseases and rising demand for home healthcare are the major drivers of the market. As per the National Institutes of Health (NIH), nearly 12 million adults have been diagnosed with COPD in the U.S. and 120,000 people die each year. According to the data published by the Global Asthma Network (GAN), asthma affects nearly 334 million people worldwide. The increasing patient population is expected to boost the demand for these products. This consequent increase in demand is expected to drive the industry over the coming years.

Access Research Report of Oxygen Therapy Market @ https://www.grandviewresearch.com/industry-analysis/oxygen-therapy-market

Oxygen Therapy Market Report Highlights

  • The oxygen source equipment segment held the largest share in 2022 owing to its high usage rate and wide-scale availability in various forms such as liquid compressed gas, and concentrators
  • Oxygen delivery devices are expected to grow at a lucrative rate being an indispensable part of the oxygen therapy set-ups, thereby contributing to the overall market growth during the forecast period
  • Oxygen concentrators captured a dominant share in 2022 owing to rising popularity and adoption of portable concentrators in emergency medicine, ambulatory, and home settings
  • Oxygen masks accounted for a leading share in 2022 as a consequence of being the indispensable unit of the delivery system and greater availability of specialty masks as per the patient’s physiological needs
  • Chronic Obstructive Pulmonary Disease (COPD) held the largest revenue share of over 35.0% in 2022 owing to presence of unmet needs pertinent to COPD treatment, thereby propelling the demand for oxygen therapy
  • Home healthcare is anticipated to grow lucratively owing to associated benefits such as long-term cost efficiency and increased mobility, propelling the demand over the forecast period
  • Moreover, the presence of organizations such as the American Association for Homecare to promote awareness and strengthen home healthcare is expected to provide growth opportunities to the market in the future
  • Industry players are adopting strategies such as new product development, technological innovations, collaborations, and mergers & acquisitions to acquire a greater market share

The COVID-19 pandemic disrupted the medical device market drastically due to lockdown restrictions and disturbance in supply chain management. However, oxygen therapy devices witnessed significant demand during the crisis as it was included in the first line of treatment for critically ill patients with coronavirus infections. A significant shortage of ventilators globally resulted in the increased demand for oxygen concentrators. To overcome this shortage, biomedical engineers and scientists have developed makeshift devices to mimic the basic functionality of ventilators using existing devices, such as oxygen concentrators, PAP devices, anesthesia machines, and manual resuscitators.

Oxygen Therapy Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 34.8 billion

Revenue forecast in 2030

USD 54.1 billion

Growth rate

CAGR of 6.51% from 2023 to 2030

Base year for estimation

2022

Historical data

2017 - 2021

Forecast period

2023 - 2030

List of Key Players of Oxygen Therapy Market

  • GE Healthcare
  • Invacare Corporation
  • Inogen
  • IUC Medical (Smiths Medical)
  • HERSILL S.L.
  • Fisher & Paykel Healthcare Limited
  • Philips Respironics, Inc.
  • DeVilbiss Healthcare
  • Tecno-Gaz Industries
  • Allied Healthcare Products, Inc.
  • Teleflex Incorporated
  • Chart Industries
  • ResMed

 

commentaires